Bitcoin finally legal in India

[Lampaster]

I want to ask what has changed after this decision? I heard that Germany also declared bitcoin a means of payment, but still in Germany I have not found a store which would accept bitcoin. I think people are paying too much attention to legalization.

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[roadbits]

I want to ask what has changed after this decision? I heard that Germany also declared bitcoin a means of payment, but still in Germany I have not found a store which would accept bitcoin. I think people are paying too much attention to legalization.

It's just all fake rumours bro. No governament officially announced that Bitcoin is legal in their country. But Japan and Austrailia made this legal except these two countries I never heard any other country adopt this Bitcoin. Suppose If it becomes legal it's a big loss for us that people are not understanding.

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This a good development in cryptocurrencies world for indian adoption of bitcoin taking into consideration the population of india and being a country where technology is getting rooted and progressing in leaps and bound I think this will opened up adoption of bitcoin in more asian countries.                         

India adopting bitcoin is a great news and now bitcoin is legalized in their country. You see bitcoin being legalized in a country is an achievement in the world of digital currency. It just tells us how it is continuing to grow and to develop. Which leads to more power in the future. Looking forward for bitcoin to be legalized in many more countries.

[bitllionaire]

It mean GOLD is over.

No Gold rates are more stable than Bitcoin.

Gold has its own value, not as a medium of exchange. Unless you return to the Stone Age. Gold is still a mainstay of jewelry, not an asset. It happens in my country, and I do not know where you live.

i think both gold and bitcoin has its own value i think we cannot deny the importance of both gold and bitcoin. gold is present for a long long time while bitcoin is related to the new technological era. which is now becoming more important for everyone.

[n691309]

It mean GOLD is over.

No Gold rates are more stable than Bitcoin.

Gold has its own value, not as a medium of exchange. Unless you return to the Stone Age. Gold is still a mainstay of jewelry, not an asset. It happens in my country, and I do not know where you live.

Right that both are different things because gold is a metal which may be used for many purposes but it should not be ignored that gold is a physical asset too while bitcoin is a digital currency which is the great achievement of technology regarding fast transactions. So both are different respect to status/value for masses and in all over the world treated separately.

[onrise]

I want to ask what has changed after this decision? I heard that Germany also declared bitcoin a means of payment, but still in Germany I have not found a store which would accept bitcoin. I think people are paying too much attention to legalization.

It's just all fake rumours bro. No governament officially announced that Bitcoin is legal in their country. But Japan and Austrailia made this legal except these two countries I never heard any other country adopt this Bitcoin. Suppose If it becomes legal it's a big loss for us that people are not understanding.

Could you say how does becoming legal will impact the country. Because I think making it legal will actually attract much more numbers in any country as govt is backing such currency and they do not have to worry about the irregularity if it happens etc.

[johnlofar]

Oh is it its very good news indian government accepted the bitcoin is nice to hear in future all countries will accept because bitcoin is decentralized cryptocurrency,good investment and acts as currency also.

[cafucafucafu]

"Suddenly, Bitcoin to Be Officially Legal in India"
posted Jule 20, 2017
https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india

Bitcoin exchanges in India have been able to operate but they have been self-regulating using strict Know Your Customer and Anti Money Laundering measures (https://veratad.com/solutions/identity-verification/) in place. These areas will now fall under government regulation.

Funny side note--a member of the parliament in India likened Bitcoin to a Ponzi scheme as recently as March of this year. Pretty wild.
"In a letter to the Finance Ministry and the Reserve Bank of India, Somaiya explained that Bitcoin is a pyramid Ponzi-type scheme. However, Somaiya was criticized for his inability to understand the structural and fundamental difference between a Ponzi scheme and Bitcoin."

Just seems to be fake rumours, I still haven't seen concrete evidence that India has actually officially legalised bitcoin. I do think that if India entered the Crypto world, it would be good news and bad news mostly due to a couple of things that I have listed down below:

Pros
-India is a giant and if the entered the crypto world, I could see a lot of countries that India has good relations to also entering with them, and more countries entering means a higher price since demand would be rising.
- India is specially known for a cheap workforce and that could possible lower transaction fees.
- India is quite technically advanced and they could make good additions to the crypto-world.

Cons
- Since the electricity in India is so cheap, we will be seeing a lot of new miners and that may raise fees and make mining anywhere else impossible.

[shone08]

I have a doubt that this is a fake news I also read the article that OP provide and look its fake rumors because the government of India not officially announced that Bitcoin is legal. But in other point its good if Bitcoin are officially legal in India we all know the potential of Bitcoin more and more country now a day are adopting Bitcoin because of its high price and bring a bright future to all of us.

[Rebisco]

"Suddenly, Bitcoin to Be Officially Legal in India"
posted Jule 20, 2017
https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india

Bitcoin exchanges in India have been able to operate but they have been self-regulating using strict Know Your Customer and Anti Money Laundering measures (https://veratad.com/solutions/identity-verification/) in place. These areas will now fall under government regulation.

Funny side note--a member of the parliament in India likened Bitcoin to a Ponzi scheme as recently as March of this year. Pretty wild.
"In a letter to the Finance Ministry and the Reserve Bank of India, Somaiya explained that Bitcoin is a pyramid Ponzi-type scheme. However, Somaiya was criticized for his inability to understand the structural and fundamental difference between a Ponzi scheme and Bitcoin."

It is really good news because there is another country who legalize the bitcoin and become their daily payment.

[spadormie]

Wow this is a great news for all. Every people are now experiencing the practice of the next world. If bitcoin would be legal in the whole world then everything will go smooth. The transaction of payment would be so much easier for someone, i mean for everybody. Only if this thing, this precious thing would be legalized.

[investinator]

I have a doubt that this is a fake news I also read the article that OP provide and look its fake rumors because the government of India not officially announced that Bitcoin is legal. But in other point its good if Bitcoin are officially legal in India we all know the potential of Bitcoin more and more country now a day are adopting Bitcoin because of its high price and bring a bright future to all of us.

The title is also misleading, it is already legal to use bitcoin in India it is just not recognized as a means of payment or currency.

Another thing people misunderstand is that countries legalizing or recognizing bitcoin doesn't mean shops will magically start accepting it as a form of payment. That will depend on user adoption and customer demand in shops.

[kpcian]

is it really true?
but I haven't got any news regarding this issue, so how you people confirm about that? the word 'legalization' must be concrete, some topic here misleads some information. if given a link is really reliable then it is a great news about this sector. hopefully, it will be legalized all over the world.

[akuser]

It mean GOLD is over.

No Gold rates are more stable than Bitcoin.

Gold has its own value, not as a medium of exchange. Unless you return to the Stone Age. Gold is still a mainstay of jewelry, not an asset. It happens in my country, and I do not know where you live.

i think both gold and bitcoin has its own value i think we cannot deny the importance of both gold and bitcoin. gold is present for a long long time while bitcoin is related to the new technological era. which is now becoming more important for everyone.

Like saying that gold is worthless, bitcoin has taken on trust thousands of years ago. Bitcoin can not replace gold, their value is different. Bitcoin will only be worth more than gold. Sell the gold you have, move it to the wallet by buying Bitcoin. it is funny.

[Ewinsane]

Did they finalize things,i just hear rumors that so and so will be implemented and the final news i heard is that they are planning to charge a tax for bitcoin like they do with gold and if that is the case the government will benefit but there wont be much benefit for the bitcoin users.

That's exactly what Australia and Japan weren't getting rid of so if that's really the case then India is well behind on their laws.

it is good that many countries are now interested on it. but the thing is they will put taxes on it and they will pass a law regarding it, and bitcoin will not be anonymous , it will be known by the government already. i think it is the cons.

It's good to see bitcoin is approved by many countries. If all the countries accept the bitcoin means ,all the online transaction will be made by Bitcoin. Henceforth the price of bitcoin will keeps on increase day to day.Then we can use bitcoin as a legal currency. At last bitcoin will replace the dollar.

It will best when there exist a currency in the world to compete dollar and most expected that bitcoin will overcome the dollar in near future and defeat but it will take some time and we will wait eagerly for bitcoin to become king of the all over currencies of the world. 

[akuser]

It mean GOLD is over.

No Gold rates are more stable than Bitcoin.

Gold has its own value, not as a medium of exchange. Unless you return to the Stone Age. Gold is still a mainstay of jewelry, not an asset. It happens in my country, and I do not know where you live.

Right that both are different things because gold is a metal which may be used for many purposes but it should not be ignored that gold is a physical asset too while bitcoin is a digital currency which is the great achievement of technology regarding fast transactions. So both are different respect to status/value for masses and in all over the world treated separately.

Someday, in the future. Gold may be just a yellow metal. And Bitcoin gleaming more than gold.
I do not know, I chose to keep gold for jewelry not for assets.

[Rinder]

Since the begining bitcoiners does wanted to get bitcoin legal at their countries soo they can use and invest without need to hide, i do see the mainstream being somehting amazing, since it wll bring a lot more new investors, whales, traders companies and projects, soo looks like in the end bitcoin is finaly growing to something it had potencial to achieve for a long time, its happen people, globalization of crypto currencies.

[yadi cihuy]

As far as that i know the Indian government has decided to support Bitcoin and is currently forming a number of specialized teams to create various regulatory frameworks in order to fully legalize Bitcoin in the foreseeable future. Bitcoin exchange market exchange India has increased drastically. And Bitcoin Legalization in India is expected to continue to increase trading volume and Bitcoin activity in India with a very significant margin.

[mostkey]

When people are busy discussing about the bitcoin legality I think it is not really needed, because after bitcoin is considered legal, it seems to be difficult, maybe if bitcoin is legal we also the bitcoin users will be in taxes for its use,Therefore I think better bitcoin not in legalkan

[streazight]

As far as that i know the Indian government has decided to support Bitcoin and is currently forming a number of specialized teams to create various regulatory frameworks in order to fully legalize Bitcoin in the foreseeable future. Bitcoin exchange market exchange India has increased drastically. And Bitcoin Legalization in India is expected to continue to increase trading volume and Bitcoin activity in India with a very significant margin.

It has not yet been decided by government of India to legalize bitcoin officially but as much people of India are involved to have business in bitcoin no one of nation of the world interested to become member of bitcoin. India is the second biggest country of the world population wise and whenever the people of India insisted and pressurized the government, then the Indian government will become compile to announce the bitcoin as a legal currency in the country.